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Pending sales rise in the Empire State as mortgage rates continue to drop in the second quarter

1072 Days ago

ALBANY, N.Y., July 23, 2019 (GLOBE NEWSWIRE) -- With mortgage rates dropping yet again in the second quarter of 2019, pending sales in New York State inched up one percent from 39,663 homes to 40,054 units, according to the housing market report released today by the New York State Association of REALTORS®.

In June, a 30-year fixed mortgage rate fell to 3.80 percent – the lowest rate since November of 2016, according to Freddie Mac. Accordingly, the 40,054 pending sales for the quarter were the second highest total since the second quarter of 2017 in a quarter-over-quarter comparison.

The median sales price continues to trend upwards, elevating 5.7-percent in the second quarter from $265,000 to $279,999.  This marks 42 consecutive months that the median sales price is up in a year-over-year comparison. Year to date, the median sales price is also up; 5.8-percent to $275,000.

Inventory saw a slight decline of 1.1-percent from 72,166 homes for sale to 71,344 units in a year-over-year comparison. The month’s supply of homes for sale remained unchanged at 6.4 months.

Additional data is available at http://www.nysar.com/industry-resources/market-data 

Editor’s Note: All data is compiled from multiple listing services in the state of New York and the data include townhomes, condominiums and existing single-family homes.

The New York State Association of REALTORS® is a not-for-profit trade organization representing more than 55,000 of New York State’s real estate professionals. The term REALTOR® is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS®. These REALTORS® are also members of the New York State Association of REALTORS® as well as their local board or association of REALTORS®.

Scott Morlock
Director of Communications
518-463-0300x208 office

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/065e477a-3cc0-4a83-ac66-d6e530d525f9

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